NASIM SIKANDAR, J. -- Through this Constitutional petition, a prayer has been made for the release of the documents mortgaged with the respondent-Bank, issuance of clearance certificate regarding payment, of loan within the scheduled date and that the imposition of penalty for delayed payment may be declared to be null and void.
2. The learned counsel for the respondent has raised a preliminary objection against its maintainability, It is argued that the relief prayed for in this petition necessarily involves factual controversy and the petitioner having an adequate, alternate remedy under Section 7(4) of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, it cannot proceed.
3. After hearing the parties, I am persuaded to sustain the objection. The issue if the petitioner had re-paid the loan in accordance with the agreed schedule and therefore was not liable to pay any penalty can be ruled upon only after recording of evidence. Since that is not possible in exercise of Constitutional jurisdiction and since the petitioner has an alternate remedy available to him by approaching the Banking Court under the aforesaid Act, this Constitutional petition must fail.
4. It shall accordingly be dismissed.